Here's all to know on how to use UPI123Pay
Shaktikanta Das, Governor of RBI, launched a new unique payments interface named UPI123Pay for features phones to facilitate digitization and enhance safe online transactions. He said it would permit India's 40 crore feature phone users to access the payment service.
UPI123Pay featured phones will have all of the essential smartphone features. This initiative will enhance digital payments to a higher level, paving the way for a cashless economy. "This launch of UPI123Pay drives the facilities under UPI now open to that area of society which was so far excluded from the digital payment landscape. In that way it is encouraging financial inclusion in our economy," Das added.
With this launch of new UPI for feature phones, Das added that it would help the National Payments Corporation of India (NPCI), an umbrella organization serving retail payments and settlement systems in India, reach its goal of processing a billion transactions a day. UPI 123Pay will also assist RBI to achieve its objective of a less-cash economy, Das added, saying that more limited payment opportunities will be available to feature phone users.
UPI has emerged as a popular mode of payment through smartphones. The number of digital transactions has grown over five times, and a large part of this is limited to those who hold smartphones, Das said. UPI services are available for such users through the USSD-based services. Still, the same is cumbersome, and all the mobile operators do not allow such services, Deputy Governor T Rabi Shankar said.
Features:
Feature phone users will now undertake a host of transactions based on four technology choices. These include calling an IVR (interactive voice response) number, app functionality in feature phones, missed call-based approach, and also immediacy sound-based payments, the RBI stated.
Such users can make payments to friends and family, pay utility bills, recharge the FAST Tags of their vehicles, pay mobile bills, and allow users to check account balances. Adding customers will also link bank accounts and set or change UPI PINs.
Further, the 24x7 helpline 'Digisaathi' will assist the callers/users with their digital payments queries via the website and Chabot. Users can visit www.digisaathi.info or call 14431 and 1800 891 3333 from their phones for their digital payments and grievances queries.
In December, Das had announced the launch of digital payment systems for feature phones. "These products, coupled with other complementary solutions, will facilitate UPI-based digital payment solutions on feature phones to promote wider digitisation. It is proposed to launch a UPI-based payment product for feature phone users. Further details will be announced shortly," RBI Governor had said.
Moreover, in January, India's cashless retail transactions on the UPI platform were worth Rs 8.27 lakh crore in February, slightly lower than the amount recorded in the previous month, data from NPCI had shown. There were 452 crores (4.52 billion) transactions in February 2022.
On the other hand, instant money transfer through 24x7 IMPS (Immediate Payment Service) fell to Rs 3.84 lakh crore in February against Rs 3.87 lakh crore in January. During the same period, the number of such transactions stood at 42 crores (420.93 million) against 44 crores (440.17 million), as per the data.
Distinct options:
App-based Functionality: App could be installed on the feature phones, allowing several UPI functions open on smartphones to be functional on feature phones.
Missed Call: By dialing a missed call on the number displayed at the merchant outlet, feature phone users will be capable of accessing their bank account and performing routine transactions such as receiving, transferring funds, regular purchases, bill payments, and so on. The customer will accept an incoming call asking them to verify the transaction by entering their UPI PIN.
Interactive Voice Response: UPI payment via pre-defined IVR numbers would necessitate users making a secure call from their feature phones to a pre-determined number and completing UPI on-boarding formalities before they could begin making financial transactions without the internet.
Proximity Sound-based Payments: This technology utilizes sound waves to permit contactless, offline, and proximity data communication on any device.
How to use UPI123Pay?
A shared server site library permits feature phone holders to use digital processes to transact.
The UPI123Pay feature does not require internet connectivity to transact online. Additionally, this service is available in various Indian languages.
The smartphone and feature phone users can now effortlessly transact digitally with the new facility.
UPI for feature phones is a three-step process call, choose and pay.
Before initiating to make the payment, it is required that the user links their bank account with the feature phone.
Further, using his/her debit card, they will be required to set a UPI PIN.
Once the UPI PIN is created, the user can use their feature phone for transactions just like a smartphone user.
The feature phone user needed to call on the IVR number and choose the phone relying on the service mandated such as money transfer, LPG gas refill, FasTag recharge, mobile recharge, balance check, etc.
To transfer the money, one will have to choose the phone number to whom money is to be transferred, add the amount, and enter UPI PIN.
To pay to a merchant, they can use an app-based payment method or missed call payment method.
They can also use the voice-based method to make digital payments.
